Business

Nike Brings Back Retired Executive to Fix Slumping Sales

An illuminated Nike Inc. store, ahead of the start of new rules requiring businesses to turn off lighting at night, in Barcelona, Spain, on Wednesday, Aug. 10, 2022. Spain’s government has pushed to save energy with new rules which include extinguishing illuminations after 10 p.m. and preventing air conditioning being turned down too low in summer or the heating up too high in winter. (Angel Garcia/Bloomberg)

(Bloomberg) -- Nike Inc. has rehired a retired senior executive to oversee retail partnerships after relationships with sneaker sellers soured and sales dropped.

Tom Peddie, a veteran executive who worked at Nike for 30 years before the company announced his retirement in 2020, is returning as its vice president of marketplace partners, according to an internal memo seen by Bloomberg. Nike confirmed the move on Tuesday in an e-mailed statement.

Nike is trying to rebuild relationships with its retailers, such as Foot Locker Inc., after pulling products from many stores in favor of its own shops, e-commerce and apps under Chief Executive Officer John Donahoe. The company’s stock has fallen by about a third this year through Tuesday afternoon as sales continue to decline.

“As we continue to focus and improve capabilities in our wholesale business, I am confident that Tom will bring both vision and bold leadership to accelerate the Marketplace strategy,” Craig Williams, Nike’s president of geographies and marketplace, said in the memo.

Peddie held several senior management roles during his Nike career. In his last job, he served as vice president and general manager of North America. His return to Nike was slated for June 24, according to the memo. 

Peddie and a spokesperson for Nike didn’t immediately respond to requests for comment.

(Adds confirmation from Nike in second paragraph.)

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